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Raymor Announces Year-End Results: 2005 Prepares Raymor for Numerous Accreditations, Production of Single-Walled Carbon Nanotubes, and Application for US Listing
Raymor Prepares for Production of SWNT and US Listing
Montreal, Quebec | Posted on May 02, 2006
Raymor Industries Inc. (TSX VENTURE:RAR - News), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, today released its annual audited financial statements, along the company's Management Discussion and Analysis (MD&A) for the fiscal year 2005. The company, a member of the NANOTECH 100, posted revenues of $1,048,044 based solely on sales from metallic powders and thermal spray coating operations. For specifically these two divisions, with the completion of many qualifications by the end of June 2006, powder and coating sales are projected to be four to six times greater over the following 12 months. Coupled with single-walled carbon nanotubes (C-SWNT) supply contracts, to be signed shortly with major aerospace, defense and high tech companies, Raymor is poised to capture considerable revenue in 2006.
Highlights from the 2005 Annual Audited Financial Statements and MD&A include the following:
- To demonstrate the highest levels of profitability in 2006, and to
prepare Raymor's financial statements for an application to be
listed on a major US stock exchange, Raymor has decided to write
off most major assets capitalized in 2005, as well as all other
Raymor projects in place before 2005. As a result, when combined
with operating losses, Raymor reported a net loss of $5,561,592,
- In January 2006, Raymor created another wholly-owned subsidiary
named "Raymor Nanotech Inc." to sustain its operations related to
the production of C-SWNT.
- Raymor acquired and began operating its patented C-SWNT production
process in May 2005. C-SWNT will be a technology platform for a
multitude of applications in many sectors, including aerospace,
defense, energy, and others. Raymor's first 10,000 grams/day
continuous high capacity C-SWNT production unit became operational
in March 2006. This production unit will reach its full capacity
by the end of June 2006, after which Raymor will install new units
to meet market demand, thus becoming the largest producer of
single-walled carbon nanotubes in the world. The Freedonia Group,
in a report released in January 2006, predicts the global carbon
nanotubes market to be a US$10 billion industry by 2020.
- With the new high capacity C-SWNT production unit currently ramping
up to 10,000 grams/day, many companies in the aerospace, defense
and high tech sectors are currently evaluating both Raymor's C-SWNT
product and Raymor's capacity to consistently produce high quality
C-SWNT. In 2005, Raymor announce a new client for C-SWNT, EADS
- Raymor is presently negotiating contracts with clients in the
aerospace and defense sectors for the sale of C-SWNT. In the near
future, the company is confident that revenues from these contracts
will easily surpass the $10 million projected annual revenue of C-
SWNT announced in the press release of May 5, 2005.
- Raymor raised $5,525,581 through 2 private placements and warrants
exercised in 2005. For 2006, from warrants exercised and to be
exercised, plus the $10,000,000 private placement in April 2006,
the company will raise $13,146,550. In 2007, with warrants to be
exercised, an additional $8,124,999 will be brought into the
company. With this, Raymor has secured its financial future, thus
allowing the company to aggressively pursue its business plan in
- In the 2006 edition of the FORTUNE 500 magazine, Raymor Industries
was named as one of the leading public nanotech company in the
world. The California-based International Association of
Nanotechnology (IANano) and FORTUNE Magazine published the NANOTECH
100, a list of the 100 leading publicly-traded companies from
around the world. Raymor has been selected to this list which also
features large multinational corporations, such as BASF, Dupont and
- In 2005, Raymor attended numerous, primarily US-based
nanotechnology and advanced materials conferences and trade shows
to increase the company's value and recognition among potential
clients and investors. Raymor will continue and expand this effort
- AP&C Advanced Powders and Coatings Inc., a wholly-owned subsidiary
of Raymor Industries was launched in 2005 to commercialize the
advanced materials and nanomaterials technologies acquired in late
2004. The subsidiary announced 16 new clients, including the
following: Thermal Spray Coatings - Turbomeca, Cooper Cameron
Valves, Geographe Energy, DK Machine, Siemens PG, Valvtechnologies;
Metallic Powders - Stryker, Boeing, Metaor, EOS, Ktech, Thortex,
Wright Medical, Pratt & Whitney Rocketdyne, Canadian Department
of National Defence; and Net-Shape Forming - Volvo Aero.
- AP&C began numerous qualifications in 2005 with aerospace, defense
and biomedical companies to become approved suppliers for metal and
ceramic thermal spray coatings services and metallic powders
supply. In 2005, AP&C used 85% of its personnel for qualification
and client development, and 15% for contract production (powders &
coatings). The Company predicts that this ratio should inverse in
the Company's second year of production - 2006. For specifically
these two divisions, with the completion of many qualifications by
the end of June 2006, powder and coating sales are projected to be
four to six times greater over the following 12 months.
In a statement to shareholders, Stephane Robert, President and CEO of Raymor Industries stated the following:
"2005 was a year where Raymor laid the foundation for the company. First, Raymor will greatly benefit from the completion of numerous accreditations in powders and coatings which began in 2005, resulting in a continuous stream of considerable revenues beyond 2006. More importantly, given that single-walled carbon nanotubes will become a technology platform for a multitude of applications, Raymor is preparing to capture a major share of the nanotubes world market for aerospace, defense and high tech. With the installation of our first high capacity C-SWNT production line, allowing Raymor to sign long-term agreements with our clients, Raymor will become the leading nanotechnology company in the world, and highly profitable."
The complete 2005 annual audited financial statements, along with the MD&A are available at www.raymor.com/.
About Raymor Industries:
Raymor Industries (TSX VENTURE:RAR - News) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. In November 2004, Raymor Industries created a wholly-owned, industrial subsidiary, AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four operational divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
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ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
FOR MORE INFORMATION ON THE FORTUNE 500 MAGAZINE'S NANOTECH 100, PLEASE VISIT:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
(VERSION FRANÇAISE DISPONIBLE SUR LE SITE WEB DE RAYMOR DEMAIN)
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